It is indeed very popular as the entry-level Omega diver and considered a good value proposition.
If Omega do introduce a new 8800 calibre it would not necessarily gain thickness, it would only increase in price to justify adding the anti-magnetic stuff, Metas certification.
As I mentioned in a previous post, it would probably have to be priced higher than the Railmaster non-LE. Not sure if it would sell effectively at a higher price point, and such a move could well backfire against Omega.
Imagine that the SMP 300 was still sold today only in the aluminum bezel version. A new SMP 300 with ceramic bezel, bracelet extension clasp and Metas certified movement with slightly increased power reserve, well I think that complete package could justify a price increase to around US$5K-5.5K. The "problem" Omega have is that the current SMP already looks good, has a ceramic bezel, is their thinnest sports watch / diver, so not much to add to what is already a good package. I would not buy a new SMP 300 at a higher price point just for the new 8800 calibre.
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